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Oct 13 - 04:55 PM

USD/JPY - Uptrend Sees Post-CPI Profit-Taking, Fed Minutes No Help

By Randolph Donney  —  Oct 13 - 02:49 PM
  • USD/JPY eked out a new post-2018 high on brief post-CPI Tsy yield rise

  • The 113.80 high on EBS was followed by a slip to 113.23 session lows

  • Overbought pressures and sense Fed hike pricing had overreached weighed

  • Fed Minutes reminded that tapering is coming before year-end

  • And post-mid-2022 tapering end rate hikes are more data-dependent

  • FOMC gets two hawkish voters in 2022 nL1N2R81WW, so bias will be hawkish

  • Though o/b, USD/JPY's uptrend's intact with closes above Tues's 113 low

  • Retail sales Friday may steer Tsy yields and USD/JPY nL1N2R91G9

  • Major hurdles, objectives at 114.54-55 eyed, but perhaps after a pullback

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Source:
Refinitiv IFR Research/Market Commentary

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